Swire Properties Inc. and Related Companies have commenced demolition on the site of the future One Brickell City Centre, an approximately 1,000-foot supertall tower that will be the tallest commercial building in Florida. On Thursday May 4 one of the buildings on the site was partially demolished with Miami Mayor Francis X. Suarez, Henry Bott, the President of Swire Properties and Stephen M. Ross, the Chairman and Founder of Related Companies in attendance.
Read MoreRelated Companies and Swire Properties Reveal One Brickell City Centre Supertall Office Tower
Related Companies and Swire Properties have revealed plans for One Brickell City Centre, a new supertall office tower which will be adjoined to Brickell City Centre. Construction is expected to start in 2023 and the tower will be the tallest commercial tower in Florida upon completion. One Brickell City Centre is designed by Arquitectonica and will offer 1.6 million SF of office space.
Read MoreSwire Properties Announces One Brickell City Centre, Miami Office Space Market Gaining Steam
Despite all of the new development that Miami is currently experiencing, the rising population and the city's ability to attract new companies has put a strain on the supply of office space according to Guy Bradley, CEO of Swire Properties. Enter the next phase of Swire Properties's Brickell City Centre initiative, One Brickell City Centre, which is slated to break ground in 2018 and take advantage of an office market that is gaining steam. One Brickell City Centre will rise 1,049 ft, covering 80 floors, making it the tallest building in the Southeastern United States. The building is designed by Arquitectonica. Over 50% of the proposed project will be office space. On the same earnings call, Bradley touted the success of Brickell City Centre's retail portion, which is over 91% leased. This comes at a time when Swire Properties has seen condo sales in Brickell City Centre's Rise and Reach buildings come to a grinding halt, with just 4 units going under contract since mid-February.